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Full Text of SB1563  100th General Assembly

SB1563 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB1563

 

Introduced 2/9/2017, by Sen. Bill Cunningham

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/250.1 new
35 ILCS 10/5-95 new

    Amends the Illinois Income Tax Act and the Economic Development for a Growing Economy Tax Credit Act. Provides that no tax credit may be granted under either of those Acts for any publicly traded company that reports a pay ratio between its chief executive officer's compensation and its employees' median pay of more than 200:1 on a disclosure filed with the United States Securities and Exchange Commission during the taxable year in accordance with the pay ratio disclosure requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.


LRB100 07931 HLH 18004 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1563LRB100 07931 HLH 18004 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 250.1 as follows:
 
6    (35 ILCS 5/250.1 new)
7    Sec. 250.1. Tax credits prohibited; pay ratio. On and after
8the effective date of this amendatory Act of the 100th General
9Assembly, no tax credit may be granted under this Article 2 or
10the Economic Development for a Growing Economy Tax Credit Act
11for any publicly traded company that reports a pay ratio
12between its chief executive officer's compensation and its
13employees' median pay of more than 200:1 on a disclosure filed
14with the United States Securities and Exchange Commission
15during the taxable year in accordance with the pay ratio
16disclosure requirement of the Dodd-Frank Wall Street Reform and
17Consumer Protection Act.
 
18    Section 10. The Economic Development for a Growing Economy
19Tax Credit Act is amended by adding Section 5-95 as follows:
 
20    (35 ILCS 10/5-95 new)
21    Sec. 5-95. Tax credits prohibited; pay ratio. On and after

 

 

SB1563- 2 -LRB100 07931 HLH 18004 b

1the effective date of this amendatory Act of the 100th General
2Assembly, no tax credit may be granted under this Act or under
3Article 2 of the Illinois Income Tax Act for any publicly
4traded company that reports a pay ratio between its chief
5executive officer's compensation and its employees' median pay
6of more than 200:1 on a disclosure filed with the United States
7Securities and Exchange Commission during the taxable year in
8accordance with the pay ratio disclosure requirement of the
9Dodd-Frank Wall Street Reform and Consumer Protection Act.